[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

March 16, 2012For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Sale of Portfolio Asset
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces that it has sold a portfolio
asset, per the below.

1. Sale Summary
O-43 COI Toyama Shinsakura-machi Building
Asset
Acquisition Date(acquisition date by pre-merger Ichigo REIT)
Sale PriceBook Value
Difference between Sale Price and Book
Value
Contract Date
Settlement Date (expected)
Settlement Method

Real Estate
November 1, 2011
(December 4, 2007)
333,000,000 yen (plus taxes)
365,580,064 yen (estimated as of February 29, 2012)-32,580,064 yen
March 16, 2012
March 29, 2012
Assignment of real estate

2. Reason for the Sale
Following its merger with the former Ichigo Real Estate Investment Corporation on November 1, 2011,
Ichigo REIT has been proactively taking actions to further its growth as a comprehensive J-REIT andpursue stable and steady profitability. Ichigo REIT has defined the period until October 2012 as “Stage I”
under this growth strategy, aiming to “Lay the Foundation for Growth” by improving portfolio quality
via the strategic use of its negative goodwill.
Today’s asset sale was determined after analyzing the future potential of all of Ichigo REIT’s properties
based on criteria such as property age, occupancy, and maintenance cost. The sale will contribute toimproving the quality of Ichigo REIT’s portfolio, thereby helping achieve one of the goals of Stage I.
-1-3. Use of Funds
The funds obtained through the sale will be used for partial repayment of existing borrowings andfunding future growth.

4. Summary of Property
O-43 COI Toyama Shinsakura-machi Building
AssetLocation

LandBuilding

Property RightSizeZoningCoverage Ratio /Floor Area Ratio
Property Right
UseStructure
Total Floor Area
Construction Date

Number of Tenants
Rental Income
Deposit
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraisal

Appraiser
Date
Value

Real Estate
6-24, Shinsakuramachi, Toyama-shi, Toyama
Ownership (fee simple)
626.69 m2
Commercial
80% / 500%
Ownership (fee simple)
Office
SRC 9F
3,263.81 m2
January 30, 1989
8 (as of February 29, 2012)
34 million yen (in the period ending October 2011)
27 million yen (as of February 29, 2012)
2,089.68 m2 (as of February 29, 2012)
1,587.60 m2 (as of February 29, 2012)
76.0 % (as of February 29, 2012)
367 million yen
Japan Real Estate InstituteOctober 31, 2011
367 million yen

5. Buyer Profile
Name
Address
Representative
CapitalPrincipal businesses
Relationship with theInvestment Corporation orasset management company

Toa Bussan Corporation
4-6-15 Sakae, Naka-ku, Nagoya-shi
Fourteen Hills Center Building 10F
Iduho Mineta
24 million yen
Real Estate Rental and Management BusinessNone

The buyer is not a “related party” as defined in the Enforcement Ordinance of the Investment Trustand Investment Corporation Law and the internal rules of the asset management company.

-2-6. Broker Profile(1) Summary
NameAddress
Representative
CapitalPrincipal businesses

Relationship with theInvestment Corporation orAsset Management Company

Ichigo Solutions Co., Ltd. (“ISL”)
The Imperial Hotel Tower, 1-1-1 Uchisaiwaicho, Chiyoda-ku,
Tokyo
Akio Nakajima, President & Representative Director
500 million yen
Financial Instruments Dealer, Moneylending Business, Real
Estate Business
ISL is a 100% subsidiary of Ichigo Group Holdings Co., Ltd.,the parent company of Ichigo REIT Management (“IRM”), towhich Ichigo REIT entrusts its asset management operation. Inaddition, ISL has in place an agreement to support both Ichigo
REIT and IRM.

The broker is a “related party” as defined in the Enforcement Ordinance of the Investment Trustand Investment Corporation Law and the internal rules of the asset management company.
Therefore, the sale procedure follows the internal rule of asset management company.
(2) Brokerage Fee
9,990,000 yen
7. Schedule
March 16, 2012

Contract signing

March 29, 2012 (expected)

Settlement and partial repayment of Aozora Bank Loan

8. Future Outlook
This sale will generate a loss of c. 44 million yen, and the lowered rental income after selling thisproperty is expected to decrease Ichigo REIT’s operating, current, and net profit relative to its
forecasts for the fiscal periods ending April 2012 and October 2012. However, because Ichigo REIT
expects to offset these by using its negative goodwill (which totals 16.5 billion yen as of November
1, 2011), there is no change in the dividend forecast.

-3-Portfolio Reference Information
1. Post-Sale Portfolio Summary

Occupancy(as of January, 31 2012)
Average Building Age(as of March 30, 2012)
Diversification by Area (note 1)(Tokyo Metropolitan Area/Other Areas)(as of March 30, 2012)

Before Sale (A)(note 2)After Sale (B)Difference
(B-A)

92.3%

92.5%

+0.2%

20.8 years

20.8 years

0 years

72.6% / 27.4%

72.8% / 27.2%

0.2% / -0.2%

Note 1: “Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.” “OtherAreas” refers to “Four Major Regional Cities” and “Other Regional Cities.”
Note 2: The numbers in “Before Sale” are calculated based on 68 properties, excluding COI
Hiroshima Kamiyacho Building, which is scheduled to be sold on March 30, 2012.
2. Post-Sale Portfolio Assets

No.

Property

O-01
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-13
O-14
O-15
O-16

COI Shinbashi Building
COI Nishisando Building
MTC Building
COI Nanpeidai Building
Joware Hanzomon
COI Hijirizaka Building
COI Shibuya Kamiyamacho Building
COI Akasaka 5 Chome Building
COI Shibazonobashi Building
COI Ebisu Nishi Building
COI Ginza 612
COI Uchikanda Building
COI Kudan-Minami Building
COI Yotsuya 4 Chome Building
COI Akasaka Tameike Building
DSM Jimbocho Building
DSM Nihonbashi Kakigaracho
Building
COI Kudan 2 Chome Building
COI Kudan 3 Chome Building
COI Gotanda Building
Benex S-2

O-17
O-18
O-19
O-20
O-21

Acquisition
Price(mm yen)

% ofPortfolio

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo

6,110
3,254
2,740
1,920
1,550
1,200
1,505735
1,100
1,917
1,773
1,140
387550580
1,820

5.83%
3.10%
2.61%
1.83%
1.48%
1.14%
1.44%
0.70%
1.05%
1.83%
1.69%
1.09%
0.37%
0.52%
0.55%
1.74%

Central Tokyo

1,150

1.10%

Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area

763
844
5,060
1,816

0.73%
0.81%
4.83%
1.73%

Area

-4-O-22
O-23
O-24
O-25
O-26
O-27
O-28
O-29
O-30
O-33
O-34
O-35
O-36
O-37
O-38
O-39
O-40
O-42
O-44
O-45

COI Minami-Ikebukuro Building
Technos Nakano Building
COI Eitai Building
COI Yokosuka Bayside Building
Chitose Building
Route Ikebukuro Building
Nishi-Gotanda Access
TK Kichijoji Building
Ibaraki Kowa Building
COI Mei-Eki Building
COI Nagoya Plaza Building
COI Sendai Chuo Building
Solon Keyakidori Building
CRD Marunouchi
Toyamaeki Nishi Building
Daihyaku Mirai-Shinkin Building
Kearney Place Saga
COI Takamatsu Building
Akita Sanno 21 Building
COI Niigata Building

R-01
R-02
R-03
R-04
R-05
R-06
R-07
R-08
R-09
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18

ForeCity Roppongi
ForeCity Azabujuban
ForeCity Azabujuban No.2
Bureau TakanawadaiForeCity Shirokanedai
B-Site Hamamatsucho
ForeCity Akihabara
Sweet One Court
B-site Ginza East
ForeCity Sasazuka
Gran Presso Kawadacho
ForeCity Sakurashinmachi
ForeCity Shinkamada
ForeCity Nakaochiai
ForeCity Tomigaya
ForeCity Ryogoku
ForeCity Toyosu
ForeCity Nishihonmachi

Z-01
Z-02
Z-03
Z-04

Falcon Shinsaibashi Building
Fiesta Shibuya
Burc Omori
Pagoda Asakusa

Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Other Regional Cities
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Subtotal - Office (41 Properties)
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Subtotal - Residence (18 Properties)
Four Major Regional Cities
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area-5-

1,460
764
1,490
971
2,030
639
765
2,160
604
837
4,705
510
788
6,710
1,650
1,100
659
3,010
560
1,830
71,156
1,730
1,140
1,250
1,360
824
701
2,520
786
946
1,050
592
932
1,040
435
1,341
1,080
1,349
927
20,005
3,410
1,970
3,218
1,640

1.39%
0.73%
1.42%
0.93%
1.94%
0.61%
0.73%
2.06%
0.58%
0.80%
4.49%
0.49%
0.75%
6.40%
1.57%
1.05%
0.63%
2.87%
0.53%
1.75%
67.89%
1.65%
1.09%
1.19%
1.30%
0.79%
0.67%
2.40%
0.75%0.90%
1.00%
0.56%
0.89%
0.99%
0.42%
1.28%
1.03%
1.29%
0.88%
19.09%
3.25%
1.88%
3.07%
1.56%

Z-05
Z-06
Z-07
Z-08

Regalo Building
Lespoir 296
El Centro Sapporo
Daimyo Balcony

Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Four Major Regional Cities
Subtotal - Others (8 Properties)
Total

1,310
903
558
638
13,647
104,808

1.25%
0.86%
0.53%
0.61%
13.02%
100.00%Note: This summary excludes COI Hiroshima Kamiyacho Building, which is scheduled to be sold on
March 30, 2012.
This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp/enlgish-6-